BENGALURU: Awfis Space Solutions, a co-working space provider, has opened 63,000 sq feet in Bengaluru which can house 1,050 workstations.
“Bengaluru is a big market and this is our fourth centre in a CBD (central business district) and 11th in Bengaluru,” said Sumit Lakhani, chief marketing officer, Awfis Space Solutions.
The centre is already 80% occupied as a result of pre-launch sale of its seats to clients such as Reliance Communications, Frontizo Business Services, Equal Experts and The Math Company.
“We have a network of 63 centres and 30,000-plus seats spread across 10 cities and aim to double capacity to 60,000 seats in the next 12 months,” said Lakhani.
The Mumbai-headquartered firm saw its revenue jump nearly threefold year-on-year in 2018-19 to Rs 158 crore from Rs 56 crore. It expects an exit annual revenue run rate of Rs 400 crore by March 2020. “The company is already profitable since October 2018 at company level,” said Lakhani.
The company recently raised $20 million in series C funding from its existing investors – global venture capital firm Sequoia Capital, The Three Sisters: Institutional Office (TTS:IO) led by Radha Kapoor and Temasek Group company InnoVen Capital – to support its growth plan.
Earlier, the firm had raised $31 million through two rounds from TTS:IO and founder Amit Ramani. In its maiden exposure to the company, the California-based Sequoia Capital invested $20 million.
Flexible workspaces account for about a fifth of office leasing in India. The emergence of space uptake in co-working affirms that corporates are aligned to a mixed portfolio strategy of fixed and flexible space. Total gross leasing volume in India touched almost 13 million sq feet during the first quarter of 2019, which was 1.45 times higher than the year-ago figure, showed data from Cushman & Wakefield India.